A 1031 Exchange question?

18 replies
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I did a 1031 Exchange in 2017 and in Turbo Tax Premier there is only one line entry allowed for the exchanged/relinquished property. In my case I exchanged two properties and purchased one replacement property, so how do I enter the two exchanged properties in Turbo Tax? Do I just combine them into one line item?

I have posted this question twice and have never received any responses? What other recourse do I have to get this answered by Turbo Tax?

TurboTax Premier Windows

Answer

Yes, you have to combine the information for both properties and make one entry.

Anonymous

Answer

Yes, you have to combine the information for both properties and make one entry.

v54

Level 2

What if its the other way around? I sold 1 and bought 3. How do I enter it into TurboTax?

After I enter in the new property and then put in that I acquired it through a like kind exchange --> Turbo Tax asks for Last year's depreciation schedule of the property I gave up, the basis of new property and Like-kind exchange tax forms.

How do I handle it if I sold 1 property and then bought 3? The 3 cost slightly more so I added some cash at closing.

Rao Puvvula

Level 2

I sold my rental property and purchased another property of higher value under 1031 Tax Deferred Exchange. I had received a From 1099-S from the Escrow company. Do I need to file any paper work to IRS?